The $87.5-million deal is the latest Chinese acquisition of a lithium project in South America, following Tianqi Lithium’s decision to buy 24% of SQM for $4.1 billion, which has not yet been approved by Chile’s antitrust regulator.

Unexpected leadership changes within a day at the world’s two largest lithium producers underscore concerns over a lack of executive experience in the industry amid a nascent boom for the battery metal.